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You are here: BAILII >> Databases >> Northern Irish Legislation >> PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 |
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Change of business. 12.(1) Subject to the provisions of this section, if any company to which section 6 applies, having issued after the commencement of this Act an advertisement for deposits describing the business or any particular business carried on or proposed to be carried on by the company, thereafter carries on any business not described in that advertisement and not being a business of the same character as a business so described, any deposit to which this section applies shall, notwithstanding anything to the contrary in the terms on which it was made, be repayable on demand. (2) Within fourteen days after a deposit made with any company becomes repayable under this section in consequence of the carrying on by the company of any business, the company shall give notice in writing to the person appearing to the company to be entitled to repayment, describing the business in question and informing him of his right to demand repayment under this section. (3) The deposits to which this section applies, in relation to any advertisement issued by a company, are all deposits made with the company after the date on which the advertisement is first issued and before the expiration of fourteen days after the date on which accounts comprising particulars of the business in question are next delivered by the company under this Act; but a deposit shall not be repayable under this section in consequence of the carrying on by a company of any business (a)if, before the deposit is made, the company has given notice in writing describing the business in question to the person making the deposit; or (b)if, before the business in question is commenced, the company has given notice in writing to the depositor describing that business and the depositor has not within such period as may be specified for that purpose in the notice (not being less than fourteen days) signified to the company in writing his intention of demanding repayment if the business is commenced; or (c)if the notice given in respect of the deposit under subsection (2) specifies a period (not being less than fourteen days) within which a demand for repayment may be made by virtue of this section and no such demand is made within that period. (4) Any notice under this section shall be deemed to have been given to a person if sent to him by post at his last known address. (5) For the purposes of this section a company shall be treated as carrying on any business carried on by any company which is a subsidiary of that company.
© 1964 Crown Copyright
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URL: http://www.bailii.org/nie/legis/num_act/podai1964455/s12.html